What Is Reverse Mortgage?
A reverse mortgage lets homeowners age 62 or older convert home equity into cash — paid as a lump sum, line of credit, or monthly payments — without monthly mortgage payments, with the loan repaid when the borrower sells, moves out, or passes away.
Why It Matters
Interest accrues over time and reduces the equity left for heirs, so a reverse mortgage is a significant, largely irreversible financial decision best made with independent counseling.